{"id":1557444,"date":"2022-07-16T06:00:19","date_gmt":"2022-07-16T10:00:19","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1557444"},"modified":"2022-07-16T07:34:43","modified_gmt":"2022-07-16T11:34:43","slug":"jp-morgan-ceo-economic-risks-nearer-than-before","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jp-morgan-ceo-economic-risks-nearer-than-before\/","title":{"rendered":"JP Morgan CEO: Economic Risks &#8220;Nearer Than Before&#8221;"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjp-morgan-ceo-economic-risks-nearer-than-before%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1557444&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>JPMorgan (<a href=\"https:\/\/finance.yahoo.com\/quote\/JPM?p=JPM&#038;.tsrc=fin-srch\" data-ylk=\"slk:JPM\" class=\"link\">JPM<\/a>) Chief Executive Jamie Dimon <a href=\"https:\/\/finance.yahoo.com\/news\/dimon-warns-u-economic-hurricane-141037266.html\" data-ylk=\"slk:doubled down on his earlier warning;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">doubled down on his earlier warning<\/a> about the possibility of an economic downturn in comments on Thursday.<\/p>\n<p>The leader of the nation\u2019s largest bank cautioned risks to the U.S. economy appear \u201cnearer than they were before&#8221; in a call with reporters following the bank&#8217;s <a href=\"https:\/\/www.jpmorganchase.com\/content\/dam\/jpmc\/jpmorgan-chase-and-co\/investor-relations\/documents\/quarterly-earnings\/2022\/2nd-quarter\/084c5750-7947-474e-8138-8268b6c72b88.pdf\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:most recent quarterly report\" class=\"link\">most recent quarterly report<\/a>.<\/p>\n<p>\u201cI&#8217;m simply saying, there&#8217;s a range of potential outcomes from a soft landing to a hard landing, driven by how much interest rates go up, the effectiveness of quantitative tightening, and defective, volatile markets,\u201d Dimon said in a separate call with Wall Street analysts Thursday.<\/p>\n<p>The bank reported a wider-than-expected drop in profit of 28% during the second quarter to $8.6 billion, or $2.76 per share share. Analysts surveyed by Bloomberg anticipated the figure to come in at $8.9 billion. Meanwhile, trading revenue rose 15% to $7.8 billion, slightly below the 17% increase analysts expected.<\/p>\n<p>Dimon&#8217;s comments come as the Federal Reserve moves forward with its <a href=\"https:\/\/finance.yahoo.com\/news\/powell-fed-hard-landing-ecb-conference-181515983.html\" data-ylk=\"slk:most aggressive monetary policy in decades;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">most aggressive monetary policy in decades<\/a> and war in Ukraine continues to disrupt global markets.<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><noscript><img decoding=\"async\" alt=\"JP Morgan Chase CEO Jamie Dimon is seen on the video screen as U.S. President Joe Biden arrives for a hybrid virtual meeting with business leaders and CEOs about the debt limit at the White House in Washington, U.S., October 6, 2021. REUTERS\/Kevin Lamarque \u2002\u2002\u2002\u2002\" src=\"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2022\/07\/16073439\/741d3d90-2790-11ec-8bdb-134950c9f455\" class=\"caas-img\" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">JP Morgan Chase CEO Jamie Dimon is seen on the video screen as U.S. President Joe Biden arrives for a hybrid virtual meeting with business leaders and CEOs about the debt limit at the White House in Washington, U.S., October 6, 2021. REUTERS\/Kevin Lamarque<\/figcaption><\/p>\n<\/figure>\n<p>The remarks also come as JPMorgan readies its own balance sheet for a potential recession.<\/p>\n<p>Last quarter, the bank temporarily suspended share buybacks and set aside an additional $428 million in credit reserves to cover potential loan losses, pointing to \u201c<a href=\"https:\/\/www.jpmorganchase.com\/content\/dam\/jpmc\/jpmorgan-chase-and-co\/investor-relations\/documents\/quarterly-earnings\/2022\/2nd-quarter\/084c5750-7947-474e-8138-8268b6c72b88.pdf\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:modest deterioration in the economic outlook\" class=\"link\">modest deterioration in the economic outlook<\/a>.\u201d<\/p>\n<p>The source of that deterioration comes from \u201ctwo conflicting factors,\u201d Dimon said in the company&#8217;s <a href=\"https:\/\/www.jpmorganchase.com\/content\/dam\/jpmc\/jpmorgan-chase-and-co\/investor-relations\/documents\/quarterly-earnings\/2022\/2nd-quarter\/084c5750-7947-474e-8138-8268b6c72b88.pdf\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:earnings release\" class=\"link\">earnings release<\/a>. While the U.S. economy continues to grow and the labor market and consumer spending hold up despite a backdrop of macroeconomic headwinds, geopolitical tensions caused by war in Ukraine, deteriorating consumer confidence, and \u201cnever-before-seen quantitative tightening\u201d are expected to have negative consequences down the line.<\/p>\n<p>JPMorgan reported earnings one day after June inflation data showed consumer prices climbed at the <a href=\"https:\/\/finance.yahoo.com\/news\/june-cpi-preview-inflation-likely-surged-to-new-40-year-high-last-month-215233961.html\" data-ylk=\"slk:fastest pace of the current inflation cycle;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">fastest pace of the current inflation cycle<\/a>, stoking fresh worries U.S. central bank officials <a href=\"https:\/\/finance.yahoo.com\/news\/fed-rate-increase-inflation-july-2022-103546351.html\" data-ylk=\"slk:may take even more aggressive action;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">may take even more aggressive action<\/a> as economic growth shows signs of moderating.<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><img class=\"caas-img caas-lazy has-preview\" alt=\"U.S. Federal Reserve Board Chair Jerome Powell testifies before a House Financial Services Committee hearing in Washington, U.S., June 23, 2022. REUTERS\/Mary F. Calvert\" data-src=\"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2022\/07\/16073442\/51dd7260-038e-11ed-b7f7-6e9a435ff317\" src \/><noscript><img decoding=\"async\" alt=\"U.S. Federal Reserve Board Chair Jerome Powell testifies before a House Financial Services Committee hearing in Washington, U.S., June 23, 2022. REUTERS\/Mary F. Calvert\" src=\"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2022\/07\/16073442\/51dd7260-038e-11ed-b7f7-6e9a435ff317\" class=\"caas-img\" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">U.S. Federal Reserve Board Chair Jerome Powell testifies before a House Financial Services Committee hearing in Washington, U.S., June 23, 2022. REUTERS\/Mary F. Calvert<\/figcaption><\/p>\n<\/figure>\n<p>The JPMorgan chief was among the first of Wall Street heavyweights to hint at a possible recession, sending a <a href=\"https:\/\/finance.yahoo.com\/news\/stock-market-news-live-updates-june-1-2022-112445431.html\" data-ylk=\"slk:shockwave through financial markets last month;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">shockwave through financial markets last month<\/a> when he predicted an economic \u201churricane\u201d was underway.<\/p>\n<p>Despite warnings, however, Dimon fell short of formally calling for a recession.<\/p>\n<p>\u201cYou can put any percentage you want on it \u2014 I\u2019ve never changed my view,\u201d he told reporters. \u201cI\u2019m not guessing what it is, I\u2019ve always spoken about possibilities and probabilities, not about a single-point forecast.\u201d<\/p>\n<p>Dimon and JPMorgan CFO Jeremy Barnum also emphasized the health of U.S. consumers, pointing to still solid savings accounts and higher discretionary spending on dining and experiences.<\/p>\n<p>Speaking to analysts, Dimon said consumers are in \u201cgreat shape\u201d if we enter a recession and hold far less leverage, particularly compared to the 2008 financial crisis and in 2020 when the coronavirus pandemic upended the economy.<\/p>\n<p>Morgan Stanley (<a href=\"https:\/\/finance.yahoo.com\/quote\/MS?p=MS&#038;.tsrc=fin-srch\" data-ylk=\"slk:MS\" class=\"link\">MS<\/a>) CEO James Gorman, in a slight contrast, appeared more relaxed in a call following the firm&#8217;s results Thursday morning, indicating a \u201cdeep and dramatic recession\u201d is unlikely for the U.S and noting the threat of an economic contraction is a greater concern for Europe.<\/p>\n<p>Morgan Stanley revealed <a href=\"https:\/\/finance.yahoo.com\/news\/futures-fall-jpmorgan-morgan-stanley-114840151.html\" data-ylk=\"slk:results that missed analyst expectations;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">results that missed analyst expectations<\/a>, dragged down primarily by a slump in investment banking revenue due to volatile market conditions.<\/p>\n<p>\u2014<\/p>\n<p><strong><em>Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter <\/em><\/strong><a href=\"https:\/\/twitter.com\/alexandraandnyc\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:@alexandraandnyc\" class=\"link\"><strong><em>@alexandraandnyc<\/em><\/strong><\/a><\/p>\n<p><a href=\"https:\/\/finance.yahoo.com\/topic\/stock-market-news\/\" data-ylk=\"slk:Click here for the latest stock market news and in-depth analysis, including events that move stocks\" class=\"link\"><strong>Click here for the latest stock market news and in-depth analysis, including events that move stocks<\/strong><\/a><\/p>\n<p><a href=\"https:\/\/finance.yahoo.com\/news\/\" data-ylk=\"slk:Read the latest financial and business news from Yahoo Finance\" class=\"link\"><strong>Read the latest financial and business news from Yahoo Finance<\/strong><\/a><\/p>\n<p><em>Download the Yahoo Finance app for <\/em><a href=\"https:\/\/itunes.apple.com\/ca\/app\/yahoo-finance\/id328412701?mt=8\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Apple\" class=\"link\"><em>Apple<\/em><\/a><em> or <\/em><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.yahoo.mobile.client.android.finance&#038;hl=en\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Android\" class=\"link\"><em>Android<\/em><\/a><\/p>\n<p><em>Follow Yahoo Finance on <\/em><a href=\"https:\/\/twitter.com\/YahooFinance\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Twitter\" class=\"link\"><em>Twitter<\/em><\/a><em>, <\/em><a href=\"https:\/\/www.facebook.com\/yahoofinance\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Facebook\" class=\"link\"><em>Facebook<\/em><\/a><em>, <\/em><a href=\"https:\/\/www.instagram.com\/yahoofinance\/?hl=en\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Instagram\" class=\"link\"><em>Instagram<\/em><\/a><em>, <\/em><a href=\"https:\/\/flipboard.com\/topic\/yahoofinance\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Flipboard\" class=\"link\"><em>Flipboard<\/em><\/a><em>, <\/em><a href=\"https:\/\/www.linkedin.com\/company\/yahoo-finance\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:LinkedIn\" class=\"link\"><em>LinkedIn<\/em><\/a><em>, and<\/em><a href=\"http:\/\/youtube.com\/c\/yahoofinance?sub_confirmation=1\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:YouTube\" class=\"link\"><em> YouTube<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>JPMorgan (JPM) Chief Executive Jamie Dimon doubled down on his earlier warning about the possibility of an economic downturn in comments on Thursday.The leader of the nation\u2019s largest bank cautioned<\/p>\n","protected":false},"author":1,"featured_media":1573973,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1557444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1557444","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1557444"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1557444\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1573973"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1557444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1557444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1557444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}